MANILA – Socioeconomic Planning secretary Ernesto Pernia has cited Asian Development Bank’s (ADB) efforts in policy reforms that strengthened Philippine macroeconomic fundamentals and resulted in high growth trajectory since 2010.
In a forum on the sidelines of the 51st ADB Annual Board of Governors’ Meeting in Pasig City, Pernia enumerated some of the bank’s contributions that made a difference in Philippine economic development.
Pernia said ADB’s poverty reduction programs and support to the Conditional Cash Transfer Program helped bring down the poverty incidence from 25.2 percent in 2012 to 21.6 percent in 2015.
Pernia said the ADB had a part in the crafting of the long-term vision or AmBisyon Natin 2040 and, more recently, the medium-term Philippine Development Plan 2017-2022.
“The bank has been a great family doctor, being among the first international responders to the disaster brought about by Super-Typhoon Yolanda, besides its customary role in providing technical assistance and advice to the government,” the Cabinet official said.
Pernia noted the 12 major infrastructure projects under transportation, water, utilities, and urban infrastructure subsectors in the pipeline worth $4.442 billion accounts for about 65 percent of the total ADB lending portfolio to the country.
He recommended that the bank give importance to population management, narrowing the Philippine infrastructure gap, improving the quality of higher education and healthcare, and promoting science and technology and innovation.
“There is a need for a greater focus on macroeconomic stability through surveillance to mitigate the potential buildup of economic and financial stresses,” Pernia said.
ADB should also provide support in enabling middle-income countries to transition to high-income economies, he said. (GMA News)
